Wise Business launches free invoicing tool for SMBs

Wise Business has introduced a free invoicing tool aimed at simplifying global payments for small and medium-sized businesses (SMBs).

The new service allows businesses to create professionally formatted invoices, automate payment reconciliation, and track the status of invoices, all within the Wise Business account. The tool supports invoicing in multiple currencies such as the Australian dollar, Chinese yuan, and American dollar, without the burden of inflated exchange rates and hidden fees.

The invoicing feature was designed with smaller businesses in mind and offers ease of use in generating and managing invoices. It is available at no additional cost to Wise Business customers. The service permits automatic email issuance of invoices, seamless integration with payment tracking, and offers a "Pay with Wise" option for quick client payments, especially beneficial for customers who also use Wise.

Since the feature's full rollout in September after an initial beta phase, businesses have processed nearly NZD $30 million worth of invoices through the tool, enhancing the speed and efficiency of their payment processes.

Tim Cameron, Product Lead at Wise, commented on the necessity of the feature: "Invoicing is an essential yet often dreaded part of running a business. Existing providers don't meet the specific needs of small businesses and sole traders, forcing them to rely on expensive accounting software, or manually maintained spreadsheets."

He added: "We've built this new feature to take the pain out of invoicing, and to make getting paid as simple as possible. With Wise, businesses can now create and send invoices in just a few clicks, and the payments flow seamlessly—saving them time and effort, all while using the real exchange rate. Best of all, it's free."

Wise has witnessed significant engagement in New Zealand, with 6% of the population currently using its services across personal and business domains. Cameron highlighted the advantages for local SMBs, stating: "It's been great to see this new feature rolled out to our growing base of Wise Business users in New Zealand. Kiwi SMBs will no doubt benefit from a more efficient and easier invoicing process, from issuing invoices to tracking their payment status. SMBs who are trading overseas will get to enjoy the added benefit of issuing invoices in multiple currencies and receive payment free of inflated exchange rates and hidden fees. Those costs can add up, so it's a huge win."

Wise Business has experienced a substantial increase in user base, now serving over 600,000 active customers—a 20% rise compared to the previous year. The service supports global business by allowing money holding and sending capabilities across more than 40 currencies to over 160 countries, along with the provision of account details in 9 currencies. Additional features include employee expense cards, batch payments, and integrations with major accounting platforms like Xero and QuickBooks.